Rostelecom (ROS)

In January 2009, OJSC Rostelecom in partnership with mobile operator OJSC Megafon won a tender for sponsorship of XXII Winter Olympic Games and XI Winter Paralympic Games 2014 in

The accompanying notes are an integral part of these consolidated financial statements.

F-69

OJSC Rostelecom

Notes to Consolidated Financial Statements as of and for the year ended December 31, 2008 (Continued)

33. SUBSEQUENT EVENTS (Continued)

Sochi
in the category of Telecommunication. According to the agreement, the sponsorship contribution amounted to USD 260 million and should be charged to each sponsor in the amount of
USD 130 million. Half of this amount shall be paid by cash and other half shall be contributed in free services. In return, each partner will obtain exclusive rights to use Olympic logo
in its advertising and other activity.

In
May 2009, the Group's shareholders authorized dividends for the year ended December 31, 2008 in the amount of 2,121.6.

Dividends

Dividends
per share, Rbl

Ordinary Shares, Rbl 0.0025 par value

1,414.4

1.9410

Preferred Shares, Rbl 0.0025 par value

707.2

2.9124

Total

2,121.6

The withholding tax on dividends amounts to 191.

The accompanying notes are an integral part of these consolidated financial statements.